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Article

5 Nov 2015

Author:
Guardian (UK)

TPP trade deal: text published online

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New Zealand has put the text of the Trans-Pacific Partnership (TPP) online, offering the first detailed look at the world's largest free trade deal, the most ambitious effort in years to remove barriers to commerce...While the deal allows multinational companies to challenge laws and regulations in private tribunals on the grounds they amount to unfair barriers to trade, it also includes safeguards against abusive claims and guarantees governments the right to enforce health, labor, safety and environmental regulations in the public interest. Countering worries that companies might be able to overturn local anti-smoking laws, countries can specifically ban tobacco companies from using the tribunals to challenge health regulations — likely to the consternation of US lawmakers from tobacco-producing states...The TPP also establishes mechanisms to handle disputes between foreign investors and governments. Proponents say such measures protect investors who fear local laws such as health and safety regulations could violate a trade deal and threaten their investments. But opponents say it allows commercial interests to force governments to change laws at the behest of private interests.